Azerbaijan's Elektrogas LLC sets launch date of its subsidiary

Business Materials 24 June 2020 17:18 (UTC +04:00)
Azerbaijan's Elektrogas LLC sets launch date of its subsidiary

BAKU, Azerbaijan, June 24

By Matanat Nasibova - Trend:

Azerbaijan’s Elektrogas LLC, which is engaged in the production of heating equipment, is going to commission its new subsidiary soon, Director of the company Elnur Jamilli told Trend.

The director said that 12 million manat ($7 million) were invested in the establishment of Elektrogas’ subsidiary, which will open in mid-July 2020.

“The enterprise will produce panel radiators of various modifications. At the initial stage, the production of aluminum and iron panel radiators is expected. Every month, 10,000 linear meters of panel radiators will be produced at the plant,” Jamilli noted.

“The cost of 1 linear meter of a new type of product in the domestic market will be 55 manat ($32.3). It will the second largest plant in Azerbaijan engaged in the production of heating equipment,” added the director.

Elektrogas LLC, the combi heating systems' production plant, created with the support of the Small and Medium Business Development Agency (SMEs) of Azerbaijan, opened in August 2019.

Local and Chinese investments in the amount of 2 million manat ($1.1 million) were attracted for creation of the company. The company plans to increase investments to 11 million manat ($6.4 million).

The production capacity of the plant, which is a joint Azerbaijani-Chinese enterprise, is 120,000 units per year.

At present, the plant employs 30 people, and it is planned to open approximately 200 more jobs in the future.

Elektrogas LLC is located in Baku’s Zabrat settlement.

(1 USD = 1.7 manat on June 24)


Follow the author on Twitter: @MatanatNasibova